How To Teach Your Kids To Save Money

Savings Girl - Cigno Loans

It’s never too early to start teaching children about money. From playing shop, to earning their first dollars doing chores around the house, children start to form money habits from an early age. In fact, children should be able to understand the concept of an allowance by the age of six. So, why not have […]

How Credit Scores Actually Work

Credit Score on laptop

Credit scores are important; they affect the kind of loans we can access in the future. But how does a credit score work? How is credit rating determined? How is credit score calculated? And can you change it? It’s time to take a deeper look at this important score that affects so much of our […]

How to Budget Money as a Student

University life is expensive, so knowing how to budget your money is more important than ever before. For some, being at university is the first time living out of home, which comes with a lot of new expenses and responsibilities. If you’re not sure how to budget as a uni student, we have some answers […]

Credit Cards for Beginners

Using Credit Card Online

There’s a lot to know about credit cards, whether you’re thinking of getting one or you want to learn more about the card (or cards) you have. To help you out, we put together a simple credit card guide to help you use a credit card with confidence. The Difference Between a Credit Card and […]

How Much Could You Save If You Quit Drinking?

When you want to save money, you need to look at every aspect of your life and spot any unnecessary spending. Alcohol spending is a great choice to cut out or at least minimise, since for most people it’s not a must-have item – it’s just a small luxury to enjoy every now and then. […]

10 Hacks to Save Money Around the House

Piggy bank and house figure

We’re all looking for clever money-saving hacks we can implement at home without drastically changing our lifestyles. Here are 10 to help you on your way. 1. Use the food you already have We all have food in the back of the cupboard or pantry that we just keep forgetting to cook. Take a Sunday […]

7 Tips to Save Electricity at Home

LED Bulb

It’s important, now more than ever, to save on electricity at home and reduce our power bills.  That’s why we’ve put together this handy guide on how to save electricity – from easy switches like turning standby off to introducing modern technology to your smart home. 1. Switch to LED bulbs One of the easiest […]

So You’ve Lost Your Job, Now What?

Losing a job is never easy and adjusting to your new arrangement can be complicated. But there are steps to get back on your feet after being fired or made redundant. No need to wonder what to do when you lose your job – we’ve got some ideas to help you out. Apply for government […]

A Beginner’s Guide to Applying for a Loan

dollar icon being lifted by balloon

Applying for a loan is something most of us will do in our lives, but the first time applying for a loan can feel daunting. What paperwork do you need for a loan? Are there requirements? Do you need someone else to co-sign a loan? These are all normal questions we all think of when […]

Where To Get A Personal Loan Fast?

Cash Loan - Cigno Loans

A personal loan is one of the best loans to get in a wide range of circumstances. Unlike mortgages and car loans, which are restrictive by name, a personal loan can be used for just about anything – whether that’s to cover an unexpected bill or a much-needed holiday. But where is the best place […]

NOTIFICATION OF MISCONDUCT BY CIGNO AUSTRALIA

Ordered by the Federal Court of Australia

The Federal Court of Australia has found that Cigno Australia Pty Ltd (Cigno Australia) and BSF Solutions Pty Ltd (BSF Solutions) have breached the law by engaging in unlicensed credit activity and charging prohibited fees.

In the period from July 2022 to 3 October 2023, over 100,000 consumers have been lent a total of $34 million, and charged fees of over $70 million, under the ‘No Upfront Charge Loan Model’ operated by BSF Solutions and Cigno Australia. At no time has either BSF Solutions or Cigno Australia held an Australian Credit Licence.

The Court also found that Mark Swanepoel (director of Cigno Australia) and Brenton James Harrison (director of BSF Solutions) were involved in these breaches of the law.

With effect from 24 May 2024, the Court has granted permanent injunctions preventing Cigno Australia and BSF Solutions from:

  • demanding, receiving or accepting fees or charges, including amounts of loan principal, from consumers in relation to credit provided under the ‘No Upfront Charge Model’; and
  • engaging in further credit activity pursuant to the ‘No Upfront Charge Loan Model’, including by entering into new agreements with consumers, for so long as they do not hold an Australian Credit Licence.

Cigno Australia was ordered by the Court to, by 5th July 2024, send written communications to consumers who between July 2022 and December 2022 entered into agreements with Cigno Australia and BSF Solutions under the ‘No Upfront Charge Loan Model’.

The Court will later determine whether (among other things) Cigno Australia and Mark Swanepoel ought to pay a pecuniary penalty in respect of this conduct, and whether Mark Swanepoel should be restrained from carrying on a business engaging in credit activity.

Cigno Australia, BSF Solutions, Mr Swanepoel and Mr Harrison intend to appeal the decision of the Court and have filed an application for leave to appeal. If the appeal is successful, some or all of the orders of the Federal Court of Australia may be set aside.

Where can you get more information?

Where to go for further support

You can access legal advice in your state at: Free legal advice – Moneysmart.gov.au.

If you are experiencing trouble with debt, or money worries in general, contact:

  • the National Debt Helpline on 1800 007 007 or online chat (9:30am to 4.30pm, Monday to Friday).

If you need someone to talk to, contact:

  • Lifeline on 13 11 14 (24 hours) or their crisis support online chat or
  • Beyond Blue on 1300 22 46 36 (24 hours) or their webchat